Bank of Tokyo Mitsubishi becomes first foreign lender in decades to open Myanmar branch

April 22, 2015 11:07 AM

59
0

YANGON, April 22 (Reuters) - Japan's Bank of Tokyo Mitsubishi UFJ Ltd (BTMU) has invested $100 million to become the first foreign lender in decades to open a branch in Myanmar on Wednesday, said Chief Executive Officer Go Watanabe.

Crippled by mismanagement during 49 years of military regimes and cut off from much of the world due to Western sanctions, the domestic banking sector is ill-equipped to provide services to local citizens, let alone global companies.